Why are Companies Laying off Employees?. Now the students do not know what is the situation. Recently, Amazon has been layoffs its own 10,000 employees. If I talk about Facebook, the parent company of Facebook that is Meta has layoffs its 11,000 employees. And if I talk about Twitter, it has layoffs it’s 50 percent of a workforce that is around 3,500 people worldwide. As well as in a piece of recent news, the parent company of Google that is Alphabet is going to layoffs 10 to 15 thousand employees. And there are other companies include in the list that Coinbase, Netflix, Salesforce, etc.
In such a situation, Why are these top software companies layoffs their employees suddenly? if we are doing any job in the IT field or preparing for the job then should we continue in this field or not?
WHY LAYOFFS
There are many reasons behind this which are being covered by social media people. And one of those reasons comes before us that According to which, now the apps will have to permit the user to track Google’s data location. Now in such a situation, there were many social media-base companies, which were earning a lot of revenue on the basis of users’ data. For those whose revenue has dropped a bit, then Apple’s recent policy changes have affected them.
The 4th reason could be now apps like Tiktok have come, which is affecting the user base of other social media apps like Instagram a lot. Along with this, there is a reason that companies are also giving
When Facebook fired a lot of its employees, they sent a company-wide email in which Mark Zuckerberg was saying that he overestimated some things and did some tricky calculations. And we also see this same thing in Amazon’s email.
It is being said that the growth of the tech companies that existed in the pre-pandemic time was increasing at a steady rate and their hiring was also increasing at a steady rate. But as soon as the Pandemic came, the whole world shifted online and everything became tech-based.Why are Companies Laying off Employees?
Due to this, the revenue of many tech companies increased exponentially. So maybe they must have overestimated their calculations or they may be estimate that the growth they are seeing in covid times, the same growth is going to continue in post covid times as well but sadly this has not happened yet. In the post covid time again the pattern of people started shifting towards the pattern of covid time.
So in this case, there is an indication from the companies that things were miscalculate, due to which they want to go around the profitability.
Now in such a situation, we can think that why this realization happened to all the companies at the same time and why are all the people taking the step. One reason behind this could be that the quarter that just came, i.e. quarter 3. The quarter that occurs within the United States is the quarter from July to September. In the revenue that came in that quarter, many companies saw a dip in their revenue. Because of which this the company is taking this sudden step together.Why are Companies Laying off Employees?
FOR STUDENTS WHO ARE PREPARING FOR THESE COMPANIES
Let’s talk about some facts, if we take the example of Amazon, before Covid, there were 7.9 lakh employees inside Amazon and in 2021, there were 16 lakh employees in December. But now after the recent Cleophas, there are 1.5 million employe left inside Amazon. If we compare this value to the pre-Covid value, then it’s still bigger. This means there was growth inside the company, but it was not as much as it was at the time of Covid. Not only a single had been facing this issue but other companies had also been facing this issue.
Apart from this, if we are fourth-year student or fresher who is applying or wants to apply to companies. So, in this case, we have to understand that for those companies, especially Monks, which had just grown at a very. high exponential rate, in the next two quarters, the hiring in the next 6 months is going to be very slow. But Don’t Panic, there are still many companies that are hiring, so set your goal and make your skills better.Why are Companies Laying off Employees?